PHILADELPHIA-Local investor Alex Schwartz heads a partnership that acquired a majority stake in Eight Penn Center at 1628 JFK Blvd. The seller is a partnership headed by New York-based Witkoff Group and includes a joint venture between locally based Waverly Management and New York-based DRA Advisors.

The price of the transaction is undisclosed. According to published reports, it was about $18 million, or approximately $76.60 per sf. A local broker, not involved in the transaction, confirms to GlobeSt.com that this price is “probably near the mark.” Schwartz did not return calls by deadline.

Doug Joseph and Lizann McGowan, first VPs operating in both the Wayne, PA and local office of CB Richard Ellis, represented the seller. Locally based MS Fox Real Estate represented the buyer.

Joseph tells GlobeSt.com the property is approximately 70% leased. Among the major tenants are Kroll Lindquist AV, HNTB Corp., and the marketing team for Malvern, PA-based Liberty Property Trust’s planned new Center City office tower.

Eight Penn is a 235,000-sf, 23-story, modern-style building that was completed in 1982. The Witkoff partnership acquired the asset in 1998, and, according to published reports, paid $14 million, or just under $60 per sf. The Schwartz partnership owns the 375,000-sf Land Title Building at the corner of Broad and Chestnut Sts., which is occupied by Tower Records in addition to several office tenants on the upper floors.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.